GTPE vs PEX

GTPEAGoldman Sachs MSCI World Private Equity Return Tracker ETF

PEXDProShares Global Listed Private Equity ETF

In short

GTPE Private equity returns, minus the lockup. GTPE tracks an MSCI index that rebuilds buyout-style return patterns out of public developed-market stocks, so the exposure trades on an exchange instead of sitting in a locked-up partnership.

PEX PEX owns the deal-doers, not the fee-collectors: about 30 listed companies that hold private businesses on their own balance sheets. The fee is 2.75% net of a waiver through September 30, 2027, and most of that sits inside the holdings.

Stated mandate

GTPE The Fund seeks to track, before fees and expenses, the MSCI World Private Equity Return Tracker Index (Net, USD, Unhedged).

PEX The Fund seeks to track, before fees and expenses, the performance of the LPX Direct Listed Private Equity Index.

Why people hold it

• GTPE Peers like PSP and GPZ own listed buyout shops and alt managers. GTPE goes wider: roughly 1,600 developed-market stocks tilted to growth, value, momentum and low volatility.
• 0.50% a year sits at the low end of the listed private-markets shelf, where the long-running incumbent PSP charges 1.80%.
• A plain 1940 Act ETF holding public equities: trades any market day, no capital calls, no lockup, no accreditation requirement.

• PEX The index only admits companies where direct private equity stakes, cash and post-IPO holdings top 80% of assets: owners of private businesses, not managers taking fees.sec.govlpx-group.com
• Listed since 2013, one of the longer-running ways to hold global listed private equity in a single ticker, with about 30 names and quarterly distributions.
• Much of the headline cost comes from expenses inside the holdings, not advisory fees; the fund's own operating costs run under a waiver through September 30, 2027.sec.gov

Worth knowing

• GTPE A proxy, not the real thing. You own public stocks selected to echo private equity's return pattern, not stakes in private companies.
• Launched in October 2025 and still small and thinly traded, which can mean wider bid-ask spreads and a short record to judge it on.
• Developed markets only. Private-market activity in emerging economies sits outside the mandate.

• PEX 2.75% net of a waiver through September 30, 2027 (3.98% gross) is above the category median; peers take cheaper routes, with GPZ at 0.40% and BUYO at 0.89%.
• A small fund that trades thinly, so spreads tend to be wider and the share price can wander from the value of the basket more than in a mainstream index ETF.
• Concentrated by design at about 30 names, and because the roster is global, currency moves in the foreign listings ride along with the returns.sec.gov

Full GTPE profile⁠

Full PEX profile⁠